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R U T G E R S B U S I N E S S S C H O O L Fall 2018 Rutgers launches new Center for Corporate Social Innovation Preparing business leaders to achieve both financial success and positive social impact.
A message from Dean Lei Lei
Features
20
In this new issue of Rutgers Business School Impact Report,
we are excited to share news about our initiative to be
at the forefront of shared-value creation through the
38
launch of the Rutgers Institute for Corporate Social
Innovation (RICSI).
The cover story features Rutgers Business School
MBA alumnus Gary Cohen, the founder of RICSI, INNOVATIVE MASTER OF SCIENCE IN HEALTHCARE
Resilient
SERVICES MANAGEMENT FOR ASPIRING PHYSICIAN
and his vision to embed interdisciplinary coursework
into curriculum across Rutgers University to prepare
students to drive both financial results and to be
socially responsible. 48
Resourceful We highlight research from faculty that ranges from the impact of financial asset fire sales
to how neuroscience is adding a deeper understanding of decision-making, and present
findings that show clear parental preferences when spending money on their children.
Our academic programs achieved notable recognition including Financial Times naming
Responsible Rutgers Executive MBA No. 5 in the world in economics; QuantNet highlighting the Master
of Quantitative Finance Program as No. 1 among Big Ten business schools; and both of
our undergraduate programs in Newark and New Brunswick were named in the Top 15 for
BRINGING PROFESSORS OF COLOR INTO THE CLASSROOM ALUMNUS INTRODUCES POKÉ TO NEWARK’S
LUNCH CROWD
return-on-investment in the U.S. by Poets & Quants.
RUTGERS BUSINESS IMPACT
Rutgers Business School students continue to excel at all levels of programs, from physicians
honing their business skills in our Master of Healthcare Services Management program, to
marketing and supply chain majors getting real-world experience by building a branding
strategy for a bread company, and MBA students competing with the nation’s top business
schools in one of the premier biopharmaceutical case competitions in the country hosted
In this issue SECTIONS
by Rutgers. 6 RESEARCH: HOW BRAIN
Fall 2018 FUNCTIONING INFLUENCES 4 RESEARCH
Students and alumni have been exposed to top corporate leaders including SY Lau from MORAL REASONING AND ETHICAL
Tencent, Harvey Schwartz from Goldman Sachs, Roger Ferguson from TIAA and Mark DECISION-MAKING 11 RANKINGS
Mendola from PwC. PayPal CEO Dan Schulman addressed educators from all over the
11 RANKING: FINANCIAL TIMES RANKS
U.S. who gathered at our Innovations in Undergraduate Business Education Conference. 21 STUDENT SUCCESS
RBS ONLINE RUTGERS EXECUTIVE MBA NO. 5 IN
We are proud of our alumni who make an impact in our communities by helping small
THE WORLD IN ECONOMICS
TWITTER: rutgersbschool business owners and veterans or by starting businesses in Newark and other cities across 27 CORPORATE PARTNERSHIPS
46 ALUMNI: ON A MISSION TO
New Jersey. All of these stories and more are found in the pages of our Rutgers Business FIND RUTGERS GRADUATES AT
FACEBOOK: Rutgersbusinessschool School Impact Report. ARLINGTON 37 SOCIAL IMPACT
LINKEDIN: rutgers-business-school We look forward to sharing even more stories in the future of our proud Rutgers Business
42 ALUMNI
School community. ON THE COVER:
Rutgers University will be at the forefront of preparing current and future
YOUTUBE: RBScommunity 50 ALUMNI PROFILE
Lei Lei, Dean business leaders for the increasing opportunities, expectations, and demands
associated with sustainable development and shared value creation, by launching
INSTAGRAM: rutgersbschool Rutgers Business School – Newark and New Brunswick
the new Rutgers Institute for Corporate Social Innovation (RICSI), founded by
Rutgers graduate Gary M. Cohen. (Page 24)
BUSINESS.RUTGERS.EDU
FALL ISSUE 2018: Rutgers Business Impact is a publication of Rutgers Business School
MEDIA CONTACT: Daniel J. Stoll, Director of Communications & Marketing, dstoll@business.rutgers.edu
Rutgers Business Impact Fall 2018 3
RESEARCH RESEARCH
Asset fire sales – taking a closer look at the
effect of forced sales by distressed sellers
SERDAR DINC AND ROSE LIAO, PROFESSORS OF FINANCE & ECONOMICS,
PROVIDE NEW EVIDENCE ON THE SIZE OF THE FIRE SALE DISCOUNT
In finance, fire sales can which in turn, decreases borrowing
I often have devastating,
destabilizing effects.
Rutgers Business School
and real investment.” Based on the
research, the fire sale discount is
estimated to be about 8 percent, …the researchers
finance professors Serdar Dinc and controlling for the industry of the
Serdar Dinc,
associate professor
Rose Liao, working with Isil Erel from
Ohio State’s Fisher College of Business,
seller and the liquidity of the shares
sold. The discount can be as high were able to generate
provide more understanding about the as 13 to 14 percent when the stakes
insights about the fire
of Finance &
Economics. effect of the forced sales of assets sold are larger than 5 percent of
in a paper published in the Journal equity. These estimates are much
of Financial Economics. The authors
sales of financial assets
higher than the estimate for forced
studied 638 transactions in which sales of stocks by mutual funds
firms sell minority equity stakes they for which transaction prices are
that play an important
hold in publicly listed third parties. not available. If sellers of equity
The transactions provided details stakes have preferential information
about the market prices from frequent motivating them to sell, the price
trades in shares of the third parties
as well as the transaction prices
impact of the fire sale would be
expected to last. If the price impact role in financial crises.
received by the sellers. In addition is tied to the fire sale itself, market
to providing more precise estimates price of the asset should bounce
of fire sale discounts, by focusing on back after the sale. In their study,
equity securities, the researchers were the authors detected a clear
able to generate insights about the pattern of price recovery after the
fire sales of financial assets that play distressed sales.
an important role in financial crises.
“Asset liquidation often has adverse
consequences for real economic
activities,” Liao said. “Financial shocks
reduce firms’ ability to post collateral,
Rose Liao, associate professor of Finance & Economics.
4 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 5
RESEARCH RESEARCH
Hardwired for ethical leadership
A PAPER PUBLISHED IN THE ACADEMY OF MANAGEMENT JOURNAL
PROVIDES DEEPER UNDERSTANDING ABOUT HOW BRAIN
FUNCTIONING INFLUENCES MORAL REASONING AND ETHICAL
DECISION-MAKING
What determines the through confidential surveys collected
D strong ethics of some
business leaders? A study
published in the Academy
from two to five of their peers or
subordinates.
Another aspect of the research required
of Management Journal, suggests
Neuroscience will
ethical leadership depends on how each leader to undergo an hour-long
their brains are wired. electroencephalography session to
assess EEG connectivity or coherence,
In the study, Danni Wang, an assistant a measure of the degree of similarity
professor of management and global
business at Rutgers Business School,
between synchronous electrical signals
in any set of two different brain regions. help us understand an
and three colleagues provide more
understanding about how brain
functioning, specifically in the brain’s
default mode network, influences moral
The results highlighted the roles of
both neurological and ideological
antecedents of ethical leadership and
array of management
and organizational
reasoning and ethical decision-making. demonstrated a unique predictor of
ethical leadership with a neurological
The work expands on earlier index based on coherence in the right
neuroscience research that focused brain’s default mode network.
on the brain’s default mode network
and its role in activities such as moral “In the future,” Wang and her
co-authors suggest, “we expect
phenomena.
reasoning. Wang’s work extends it to
provide more specific understanding that neuroscience may continue to
of ethical leadership. help inform our understanding of
an array of management and
The researchers collected data from a organizational phenomena.”
variety of online surveys completed
by 104 leaders, including 27 mid- or
senior-level U.S. Army officers, 29
executive MBA students from a
large university in the Southwestern
United States and 48 private-
sector managers from a variety
of organizations. The participants
represented different age groups,
races and ethnic backgrounds.
The selected focal leaders completed
surveys measuring their relativism,
idealism and narcissism and
demographic details. For each leader,
the researchers also measured the
leader’s ethical leadership style
Danni Wang, assistant professor of Management and Global Business.
6 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 7
RESEARCH
Playing favorites
STUDY FINDS THAT FATHERS SPEND MORE MONEY ON SONS, WHILE MOTHERS
TREAT THEIR DAUGHTERS FAVORABLY
emember the taunt of assistant professor of marketing at the
R your brother when you got
something new, “Mom likes you
better than me.” Well if you’re
State University of New York-Oneonta,
and Joseph P. Redden and Valadas
Griskevicius, marketing professors
female, it might have been true – at least at University of Minnesota’s Carlson
when it came to money.
In research published in the Journal of
School of Management, the results have
important implications: If a culture has a Multiple lines of
norm of men controlling family financial
evidence suggest
Consumer Psychology, Rutgers Business decisions, then sons may chronically
School marketing professor Kristina receive more resources than daughters.
Durante and three co-authors explore If women are the primary shoppers, the
the age-old issue of favoritism based
mothers favor
result could be subtle but consistent
on parental spending. favoritism for daughters.
The authors conducted four studies to “The bias toward investing in same-
determine whether mothers and fathers
favor specific children depending on the
sex of the child. Consistently, they found
gender children occurs because women
identify more with and see themselves in daughters, whereas
their daughters,” Professor Durante told
fathers favor sons in
support for fathers favoring sons and Yahoo Style, “and the same goes for men
mothers favoring daughters. The parenting and their sons.”
biases were found in two different cultures,
the United States and India.
In a study involving a hypothetical situation, their spending.
250 men and women were given a $50
gift card and they were asked to imagine
they had a son and a daughter. Then they
were asked two questions: “If you have
enough resources to invest in only one of
your children, whom would you invest your
limited resources in?” and, “If you had to
divide limited resources between your two
children, how would you divide them?”
In answering the first question, men chose
the son 62 percent of the time while
women chose the daughter 71 percent
of the time. In response to the second
question, results showed that men favored
sons significantly more than women did,
and vice versa.
According to the researchers, which
included Lambrianos Nikiforidis, an
Kristina Durante, associate professor of Marketing.
8 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 9
RESEARCH RANKINGS
Rutgers faculty research
published in top journals used Financial Times ranks Rutgers Executive
in Financial Times ranking MBA No. 5 in the world in economics
Author Article Title Publication Journal Name
utgers Business School’s Another benefit for students has
R
Date
Divya Anantharaman The Economic Consequences of Accounting Standards: October The Accounting Review
Executive MBA program been the “China Experience.” Rutgers
Evidence from Risk-Taking in Pension Plans 2017 was recognized as the No. recognized that the U.S. and Chinese
5 program in the world “I felt that the economies would be inextricably
Ted Baker In The Beginning: Identity Processes and Organizing in December Academy of Management in economics in a Financial Times program’s global linked and started sending students
Multi-Founder Nascent Ventures 2017 Journal 2017 survey of the top 10 Executive to China for a 10-day summer
recognition, caliber of
MBA programs in selected categories. residency program in Beijing and
Chao-Chuan Chen Seeing and studying China: Leveraging phenomenon- November Organizational Behavior and
The 20-month program, tailored for staff, and cost of tuition Shanghai every year since 1993.
based research in China for theory advancement 2017 Human Decision Processes
executives and managers who wish combined to make
Chao-Chuan Chen Paradoxical Relationships Between Cultural Norms September Journal of Business Ethics
to remain on the job while obtaining choosing Rutgers a
of Particularism and Attitudes Toward Relational 2017
an MBA, has been ranked consistently
Favoritism: A Cultural Reflectivity Perspective
as one of the top 25 Executive MBA
very easy choice,” said
Weiwei Chen, Benjamin Cash Conversion Systems in Corporate Subsidiaries September Manufacturing & Service
Melamed, Oleg Sokolinskiy, 2017 Operations Management programs in the U.S. over the past Chris Plance, principal
and Ben Sopranzetti 10 years. management consultant
Serdar Dinc and Rose Liao Fire Sale Discount: Evidence from the Sale of Minority September Journal of Financial Economics
Equity Stakes 2017 Graduates from Rutgers EMBA earned at DATUS.
an average of $185,965 three years
Kristina Durante Do Mothers Spend More on Daughters While Fathers January Journal of Consumer
Spend More on Sons? 2018 Psychology after graduation, 14th best in the U.S. Elite faculty, relevant curriculum,
Many professionals choose Rutgers globally recognized – makes for a
Ajai Gaur Home Country Supportiveness/Unfavorableness and January Journal of International happy student experience.
Outward Foreign Direct Investment from China 2018 Business Studies
Executive MBA over Columbia or NYU
because they are skeptical that they
Harsharanjeet Jagpal A Flexible Method for Protecting Marketing Data: An January Marketing Science
can extract enough value for the high
Application to Point-of-Sale Data 2018
tuition costs at those institutions:
Kihyun Kim The Relative Influence of Economic and Relational February Journal of Marketing Research $196,200 at Columbia Business
Direct Marketing Communications on Buying Behavior 2018
in Business-to-Business Markets
School and $189,200 at NYU Stern
compared to $94,042 for Rutgers
Daniel Levin Performance Benefits from Providing Assistance In February Journal of Management
Networks: Relationships That Generate Learning 2018 Executive MBA.
Ashwani Monga Eliciting Time versus Money: Time Scarcity Underlies December Journal of Consumer Research “I felt that the program’s global
Asymmetric Wage Rates 2018
recognition, caliber of staff, and cost
Daniel Levin and Performance Benefits from Providing Assistance In February Journal of Management of tuition combined to make choosing
Neha Shah Networks: Relationships That Generate Learning 2018 Rutgers a very easy choice,” said
Markus Taussig The Danger of Not Listening to Firms: Government October Academy of Management Chris Plance, principal management
Responsiveness and the Goal of Regulatory Compliance 2017 Journal consultant at DATUS, and a current
Danni Wang A Neurological and Ideological Perspective of August Academy of Management student in the Rutgers Executive MBA
Ethical Leadership 2017 Journal program. “Discussions of how to
handle difficult ethical scenarios, and
stressing that the character of those
involved may be the most critical
element in ensuring good outcomes is
an element that Rutgers cannot easily
advertise. But I believe allows the
program to produce graduates who
stand out from the crowd,” he said.
10 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 11
RANKINGS RANKINGS
Rutgers Business
School-Newark No. 2
in the U.S. for diversity
BUSINESS MAJORS EXPERIENCED
ONE OF THE BEST RETURN-ON-
INVESTMENTS IN THE NATION
utgers Business School-Newark
“Students who graduate
R earned the No. 2 spot among U.S.
business schools for enrolling the most
minorities, according to Poets & Quants.
It also ranked No. 5 for enrolling the most first-
from RBS leave better generation students.
prepared to be successful Poets & Quants compiled the ranking based on the
percentage of new students who described themselves
business leaders in a diverse as the first-generation of their families to attend a
and global workforce,” said U.S. college. The diversity ranking reflects students
from under-represented minority groups in the
Robert Kurland, associate Class of 2017.
dean of the undergraduate Charles Brown, Rutgers Business School’s
assistant dean for diversity programs, said it was an
program at Rutgers Business honor to receive the No. 2 ranking for enrolling
School – Newark. the most minorities.
“To know that the work we do each day has contributed
to this distinction makes us all very proud,” he said.
When it comes to return-on-investment, the Newark
undergraduate program landed in the No. 15 spot,
according to Poets & Quants. The ranking was based on
a five-year return-on-investment analysis.
Robert Kurland, associate dean of the undergraduate
program at Rutgers Business School-Newark, said the
rankings confirm what the RBS community already
knows about “our quality programs and services.”
“Students who graduate from RBS-Newark leave better
prepared to be successful business leaders in a diverse
and global workforce,” he said.
Rutgers Business School-Newark – like the entire
Rutgers University-Newark campus – continually ranks
among the most diverse college campuses in the U.S.
12 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 13
RANKINGS RANKINGS
Supply chain management
Through experiential learning,
Rutgers MQF students apply
mathematical and computer
models to tackle the same valuation
challenges real investment firms
are facing.
department ranks No. 8 in the
world for faculty research
Rutgers Business School’s Supply Chain Management Department was recently
ranked No. 8 in the world by the academic publication SCM Journal List.
The publication’s ranking was based on research produced by supply chain
management faculty at Rutgers Business School and published by leading
academic journals in the field during the past five years. The SCM Journal List
Master of Quantitative Finance program considers output that is primarily empirically focused.
Supply chain management faculty at Rutgers have produced research (and
No. 8 for starting salary in North America are considered experts) on managing supply chain disruptions, sustainability,
innovative modeling for managing supply chain operations and the interface
of supply chain operations and finance.
T
he Rutgers Master of roles in the financial industry before they
Quantitative Finance graduate,” said Ronnee Ades, director of
Program was ranked No. 8 in career management for the MQF program.
North America for average Some of the jobs the most recent
Rutgers MQF
Rutgers University No. 4 in
starting salary among its graduates of the Rutgers MQF program
most recent graduates, according to have taken include senior quantitative
QuantNet.com. analyst, risk analyst, quant trading strategist program has
Rutgers Business School’s overall program
and credit and liquidity risk analyst.
consistently been Military Times Best Colleges
was ranked No. 16 in North American by
QuantNet, making it the No. 1 program
among the Big Ten business schools.
“For our MQF students, being ‘job ready’
does not mean simply graduating with
stellar grades, it means comprehending
ranked among for Vets annual ranking
The most recent cohort of Rutgers the types of challenges and opportunities the Top 20 quant Rutgers landed in the No. 4 spot in the nation in the Best Colleges 2018
MQF students reported an average facing finance companies and working ranking by the Military Times. Six hundred U.S. schools participated and
starting salary of $92,500. In QuantNet’s toward contributing to the solutions,” said programs. the Military Times named 218 of them in its 2018 ranking. The Military
methodology, average starting salary Ades. “Through experiential learning, Times used data from the federal Education, Defense and Veterans Affairs
accounted for 20 percent of a program’s our students can apply mathematical departments to see how the schools stacked up in five areas: university
score in the ranking. and computer models to tackle current culture, academic quality and outcomes, student support, academic
valuation challenges that real investment policies, cost and financial aid.
The ranking also considered the firms are facing.”
employment rate at graduation, the While Rutgers University was included in the most recent Best Colleges
employment rate three months after Rutgers MQF program has consistently been ranking, many veterans and active service people attend programs at Rutgers
graduation and an employer survey score ranked among the Top 20 quant programs. Veteran Eric Kropiwnicki, who completed the Rutgers Business School, including Rutgers Business School Executive Education’s
generated from employers who have Business School Executive Education Mini-MBA: Mini-MBA: Business Management for Military and Veterans.
interviewed or hired (within the past QuantNet.com is the world’s Business Management for Military and Veterans, is
two years) from one or more of the 29 largest online resource and honored for his leadership by Margaret O’Donnell, “This certificate program is unique in that it is taught by veterans who have
programs included in the 2018 ranking. community for applicants and manager of Military and Veteran Engagement Programs gone on to business success,” said Margaret O’Donnell, manager of Military
professionals in the field of financial at Rutgers Business School. Kropiwnicki is CEO of and Veteran Engagement Programs at Rutgers Business School. “It also
“We believe students need to understand engineering, quantitative finance Broken Gear Inc. culminates with four months of mentorship to virtually ensure success.”
the real requirements of quantitative and big data analysis.
14 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 15
RANKINGS RANKINGS
Students in The Rutgers chapter of Future Business
Leaders of America-Phi Beta Lambda participate in
competitions, immerse themselves in interactive
workshops, and hear from motivational speakers at
the annual national conference.
a variety of case competitions, a Among Big 10 business schools, Rutgers
For return on investment, R
utgers Business School-
New Brunswick ranked host of student organizations that Business School-New Brunswick ranked
No. 12 for return on enable members to connect with No. 7 in the Poets & Quants listing of Best
Rutgers Business School is investment in a new listing by
Poets & Quants. The ranking is
based on a five-year return-on-
faculty and corporate supporters
and contact with influential
people are among the factors that
Colleges for Business Majors.
hard to beat investment analysis. contribute to RBS student success,”
Markowitz said. “All of these
“Rutgers Business School provides
Poets & Quants also ranked the factors combined with modern
UNDERGRADUATE PROGRAM IN NEW overall undergraduate program new business school facilities many opportunities for students to
at Rutgers Business School-New
BRUNSWICK IS NO. 2 PUBLIC BUSINESS Brunswick as No. 38 in the U.S.,
about one hour away from New
York City, the nation’s business
become successful and that is
SCHOOL IN THE NORTHEAST U.S. in its 2017 Best Undergraduate center, give the best students the reflected in the new ranking.”
Business Programs. best chances for succeeding in
their careers.” Martin Markowitz
“Rutgers Business School provides
many opportunities for students Based on the latest Poets & Quants
to become successful and that is ranking, Rutgers Business School’s
reflected in the new ranking,” said program in New Brunswick is also
Martin Markowitz, senior associate the No. 2 public business school
dean of Rutgers Business School- undergraduate program in the
New Brunswick. Northeast and No. 18 among
public business schools in the U.S.
“Early career preparation, top-level
challenging internships, access to
16 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 17
RANKINGS RANKINGS
Prominent Program Rankings
Rutgers Business School Best Value Highlights
U.S. News & World Report master’s programs ranked
Rutgers Full-Time MBA:
#1 Public MBA in New York, New Jersey & New England among the “Top 50 Best Value“ #4
#4 in Top 30 Best Value
Digital Marketing Certificate
Rutgers Part-Time MBA: alue Colleges recently published its “Top 50 Best Value” rankings in
#1 Public MBA in Northeast V which a range of Rutgers Business School programs were recognized.
Supply Chain / Logistics According to the methodology, “Value Colleges researches #11 in Top 50 Best Value
#6 in U.S. reputable, accredited colleges and universities to produce rankings of college #11 Master’s in Taxation
degree programs with the lowest tuition, the best return on investment, the
Online Master’s in Governmental Accounting best job placement statistics, and the best ratios between all of those factors.”
#8 in the U.S.
#13 in Top 50 Best
Online Master’s in Supply Chain Management #13 Value Online Master’s in
#9 in the U.S. Accounting
Financial Times
Rutgers Executive MBA: Among top college degree #14 in Top 50 Best
#14 Value Online Master’s in
#5 in Economics in the world
programs with the lowest tuition, Management
Rutgers Executive Education:
#11 in the U.S. for open enrollment programs the best return on investment, #16 in Top 50 Best Value
#16
and the best job placement statistics. Graduate Schools
The Economist
Rutgers Executive MBA: #32 in MBA Programs
#32
#6 in number of industry sectors from which students applied in the U.S.
#7 in student diversity in the U.S.
#8 Percentage increase on pre-EMBA salary on graduation in the U.S.
Ivy Exec
Rutgers Executive MBA:
#1 for Life Balance in Northeast
#7 for Career Advancement in Northeast
#7 Overall in Northeast
Gartner
Supply Chain Management Undergraduate Program:
#2 in North America
18 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 19STUDENT SUCCESS
Innovative graduate program gives Two student groups from Rutgers win
aspiring physician the business skills 2018 Hult Prize regional competitions
to run his own practice in the future or approximately a
hen Ahmar Mehmood F decade, the Hult Prize
has been awarded
W
to masterminds and
was in his third year of innovators who understand the
medical school in Karachi, power of a single idea. This year,
Pakistan, interacting with Rutgers has set a new record by
patients, listening and doing his best
to help treat them, he learned first- Healthcare services having two teams from the same
university as titleholders of the Hult
hand the importance of an effective
administration supporting patient care.
management Prize Regional Competitions. The
two teams, SULIS and LivingWaters,
He saw care delayed, and patients is a growing are collectively comprised of eight
and their families anxiously waiting for
answers oftentimes due to ineffective and changing Rutgers students who took up the
2018 Hult challenge — employing Members of the LivingWaters team from left to right: Shrey Ghate, Jane Peterken, Joshua Kao,
communication amongst the team
of attending physicians. “I believe
space with an the power of energy to transform
and Thomas Irving (RBS).
the lives of 10 million people sophomore, Sarah Pomeranz, a
that no matter how competent the increased demand by 2025, said Sophia Zhou, the Rutgers Business School sophomore,
physicians are, until the healthcare After winning the Anurag Modak, a School of Arts
support system around them is for healthcare campus director of the Hult Prize at
Rutgers. After winning the Hult Prize Hult Prize @ Rutgers and Sciences sophomore and Arye
complete and functions cohesively,
optimal patient care cannot be
managers. @ Rutgers University competition in University competition in Mendelow, a School of Engineering
December, team SULIS moved on senior developed a device that
delivered,” said Mehmood. Healthcare to the Boston regional competition December, team SULIS harnesses sunlight to sanitize water
services management is a growing and captured the award there as won the Boston regional for communities around the world
and changing space with an increased well. Four Honors College students that have limited access to clean
demand for healthcare managers
Ahmar Mehmood is gaining business knowledge and skills in Rutgers Business School’s competition while team
innovative Master’s in Healthcare Services Management program. joined forces to create SULIS, which water. The second team from the
who can improve business and clinical stands for solar ultraviolet light-
Living Waters won University, LivingWaters, applied
outcomes. Rutgers Business School’s induced sterilization. Yuki Osumi, in Shanghai. through the competition’s online
Master of Science in Healthcare a School of Arts and Sciences general application pool against
Services Management (MSHSM) 100,000 other applicants and
provides students with the tools, became champions of the Shanghai
insight and expertise to regional finals, beating more than
be successful operational leaders 50 of the top Asian universities,
in the healthcare provider space. Zhou said. Joshua Kao, a Rutgers
A multidisciplinary and innovative Business school junior, Jane Peterken,
program, the MSHSM offers a a School of Engineering senior,
customized, business-oriented Thomas Irving, a Rutgers Business
and practice-based MBA curric- School senior and Shrey Ghate, a
now, I understand that the absence also playing a role in healthcare
ulum applied to the healthcare School of Engineering senior, make
of electronic medical records back administration in the future” said
services sector. up the team. They devised a cost-
home affected care of many critically Mehmood. “Being the spouse of a
physician in training at Rutgers, I am effective, do-it-yourself unit that
The program is designed to hone ill patients,” said Mehmood. “Looking
confident that the MSHSM program harvests rainfall to help hydrate
leadership and develop a data-driven back, I realize how an effective
will help us realize our dream of millions of people who live within
process orientation, helping provider healthcare system itself can save
owning a practice and adding value water stressed zones.
managers improve quality, reduce thousands of lives.” As an aspiring
costs and increase patient satisfaction. physician in the U.S., I plan to to the healthcare system, not only Members of team Sulis from left to right: Anurag Modak, Yuki Osumi, Sarah Pomeranz (RBS) and
here but also in my home country,” Ari Mendelow; and Sophia Zhou, campus director of the Hult Prize at Rutgers.
“Working in the U.S. healthcare industry broaden my skills as a clinician for
Mehmood said.
20 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 21STUDENT SUCCESS STUDENT SUCCESS
Award-winning summer orientation Biopharmaceutical case competition
program provides underserved students
a strong start to college life attracts nation’s top schools
he Business Student he cases at the heart of pursuing management roles in the Risha Lathiya, a Rutgers MBA student, said
T T
Transition At Rutgers the Rutgers Biopharma biopharmaceutical industry. the competition offered a “challenging,
(B-STAR) program provides MBA Case Competition very real-world case and an opportunity
students with a unique organized by the Blanche The 2017 competition attracted to apply everything you’ve learned in the
Charles A. Brown, assistant
orientation to college life dean for diversity programs, and Irwin Lerner Center applications from 22 schools, according classroom to a real-world situation.”
and a support system to sustain them described the program as the for the Study of Pharmaceutical to Professor Mahmud Hassan, who is also
through the four-year journey. most influential six weeks of the Management Issues help to attract director of the Lerner Center. In addition “I really wanted to have that experience,”
students’ academic journey. MBA students studying pharmaceutical to Rutgers and Anderson, students from she said. Lathiya teamed up with MBA
Twenty-seven incoming freshmen management at the nation’s leading Columbia Business School, Georgetown’s classmates Andy Evans, Kevin Hsu,
celebrated the completion of the B-STAR business schools. McDonough School of Business, the Magdalena Kwieciszewska and Sean May
program, which launches them into Carey Business School at Johns Hopkins, to represent Rutgers in the competition.
college as the newest B-STARs at Rutgers A team of Rutgers MBA students finished MIT, Boston University, Duke’s Fuqua
Business School. second after UCLA’s Anderson School School of Business, Carnegie Mellon’s The competition was sponsored by Bayer,
of Management captured the top prize Tepper School of Business and Cornell’s Novartis, Bristol-Myers Squibb, Novo
Their graduation marked the culmination at Rutgers Business School’s annual Johnson Graduate School of Management Nordisk, Herspiegel Consulting, Model N,
of six credits worth of college course biopharmaceutical case competition. participated in the event. Nuvera Life Science Consulting and the
work, special sessions and a unique Buchanan, Ingersoll Rooney law firm.
orientation to life at Rutgers Business Andrew Clark, a second year MBA student
School. Charles A. Brown, assistant dean at Anderson, said he and his classmates
for diversity programs, described it as wanted to participate in the competition
“the most influential six weeks of their because it focuses specifically on the
academic journey.” biopharmaceutical industry.
B-STAR is run by Brown with the support “The competition has a good reputation,”
of the dean’s office. The program, one Clark said, “and we thought it would be
of the strongest examples of Rutgers a way to network with companies that
Business School’s ability to have social don’t recruit often from the West Coast.”
impact, reflects its commitment to
diversity, inclusion and access. After six years, the biopharmaceutical
case competition has grown into one of
the premier events for MBA students
The program is one of the Some of the B-STAR students before the graduation ceremony.
strongest examples of Rutgers
Business School’s ability to Rutgers MBA students, Andrew Evans, Magdalena
have social impact. Kwieciszewska, Kevin Hsu, Risha Lathiya and Sean
May (not pictured) won second place in
the competition.
“My office is here to support you,” Brown
said. He encouraged the students to “take
advantage of resources, to support one
another and to seize opportunities.”
Thirty-two percent of the students who
have completed the B-STAR program are
the first in their families to attend college.
Two of this year’s B-STAR students
will study at Honors Living-Learning
Community at Rutgers University-Newark.
Some of the incoming Rutgers Business School students who completed the 2017 B-STAR Program. Rutgers MBA Students Andy Evans and Magdalena Kwieciszewska.
22 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 23experienced in working across the the world today,” said Robert Barchi,
private, public and nonprofit sectors 20th president of Rutgers, The State
to achieve positive business and University of New Jersey. “It is our
societal impact. He presently serves job to equip future business leaders
as executive vice president, Global with not only the knowledge and
Health for BD (Becton, Dickinson and skills to succeed in business, but also
Company), one of the world’s largest the mindset needed to be a force for
medical technology companies. He positive change.”
also serves as president and board
director of the BD Foundation, board
director of the Perrigo Company,
The Rutgers Institute for Corporate Social CDC Foundation and UNICEF USA, Cohen is well
I
n this emerging era of
Innovation will collaborate closely with board co-chair of GBCHealth and recognized as a leader
schools across the university.
sustainable development,
board chair and founder of Together
it is becoming essential
for business leaders to
for Girls. Cohen previously served deeply experienced
possess the full range of perspectives,
on the UN Commission on Life in working across
Rutgers Business School and
Saving Commodities for Women
experiences and skills that enable
and Children, and is a member of the the private, public
them to lead in a manner that
UN Secretary General’s Network of and nonprofit sectors
MBA Alumnus Gary M. Cohen to results in positive outcomes for
their companies, employees and
Engaged Men Leaders.
to achieve positive
establish new Rutgers Institute shareholders, and for society at large.
As one of the world’s leading academic
“Throughout my career at BD I’ve
had the privilege of working in a
business and
societal impact.
for Corporate Social Innovation research institutions, Rutgers
University will be at the forefront
company that is purpose-driven,
highly successful and strongly oriented
towards achieving positive impact on
of preparing current and future
A G LO B A L S H I F T I S U N D E R WAY I N T H E R O L E A N D business leaders for the increasing
society. I’ve learned through these
experiences that creating positive The new Rutgers Institute for
opportunities, expectations, and
EXPECTATIONS OF BUSINESS LEADERSHIP. COMPANY social impact is not at odds with strong Corporate Social Innovation will
demands associated with sustainable feature a dedicated curriculum
business performance, rather, it is a key
L E A D E R S A R E E X P E C T E D N OT O N LY TO A C H I E V E development and shared value designed to prepare the next
enabler to the long-term success and
creation, by launching the new generation of business leaders to
COMMERCIAL SUCCESS FOR THEIR ENTERPRISES, THEY sustainability of companies,” Cohen
Rutgers Institute for Corporate Social integrate socially and environmentally
said. “The business sector has the
Innovation (RICSI). responsible practices and shared value
ARE ALSO INCREASINGLY BEING HELD ACCOUNTABLE FOR potential to drive substantial progress
in addressing many of the world’s most creation into the core of their business
Founded by Rutgers graduate Gary
THEIR COMPANIES’ OVERALL IMPACT AND INFLUENCE important problems, and external operations and culture. Coursework will
M. Cohen, RC’80 and RBS’83, and
stakeholders including investors include classes on sustainable
ON SOCIETY supported by his intent to contribute
are demanding more of business business management,
$1 million to the Rutgers University
Foundation for the establishment of leaders than at any time in the past.
this new institute, the Rutgers Institute This is a perfect opportunity for
for Corporate Social Innovation will Rutgers to advance these practices by
embed interdisciplinary coursework preparing current and future business
into the Rutgers Business School leaders for these important challenges.
curriculum to prepare students to And it can be a pathway to a fulfilling,
drive successful business results in purpose-filled life for future business
sustainable organizations that are executives.”
financially, environmentally and
“The business sector has the capacity
socially responsible.
to apply its expertise to some of the
RICSI founder Cohen is well most pressing societal issues facing
recognized as a leader deeply
24 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 25CORPORATE PARTNERSHIPS
developing ethical business models,
social and green accounting, driving
business opportunities through
Jersey Medical School, the School of
Public Affairs and Administration, the
School of Public Health, the School of
Rutgers University and Rutgers
Business School will build on Cohen’s
intended contribution to establish
Leaders stress building the right
culture at annual CEO Evolution
positive societal change, and Environmental and Biological Sciences, RICSI and sustain it into the future. This
ecological and behavioral economics. and the Edward J. Bloustein School of new institute is expected to generate
Planning and Public Policy. substantial interest from the broad
Cohen, who previously served as a number of industries in New Jersey and
member of the Rutgers University “We are putting together a strong he CEO Evolution,
T
nationwide, consistent with the trend
Board of Trustees and on the board of team of highly motivated business of emphasizing the sustainability of hosted by Citrin
advisors for Rutgers Business School, school faculty and working with other business enterprises. Cooperman and
was named a distinguished alumnus schools at Rutgers to instill corporate Rutgers Business
by the Rutgers Graduate School of social innovation into our curriculum School, brought together some of
Management in 2005 and a Rutgers and classroom teaching,” said Rutgers New Jersey’s most notable CEO’s to
250 Fellow in 2017. Business School Dean Lei Lei. “The share their experiences, strategies,
establishment of the Rutgers Institute and best practices to help others
While housed within the Rutgers for Corporate Social Innovation will gain insights into becoming
Business School, the Rutgers Institute allow us to strengthen and sustain better leaders.
for Corporate Social Innovation will our goal of preparing students
collaborate closely with other schools for leadership in these important The panel discussion, moderated Notable CEOs (from left) Paul Kermizian, Tara Dowdell, Dan Berkowitz, and Chris Lotito share
in the university, including the New competencies and practices.” by Will Fernandez, CPA and partner their experiences with moderator Will Fernandez, CPA and partner at Citrin Cooperman..
at Citrin Cooperman, expanded
specific situations to broader experiences. Paul Kermizian, CEO as soon as he emerged from Rio
applications for the benefit of and co-founder of Barcade said, Secreto, the longest semi sunken
others in leadership roles. “I have to make time for my cave system in the Yucatan. “We
managers and visit each location. have got to do a concert in there!”
Each of the CEO Evolution panelists, I empower them to make decisions.” Not long after that call, Berkowitz
in her or his own way, said that surprised a group of 150 fans with
finding capable people was not a Chris Lotito spoke of his early a performance by Chris Stapleton
problem. What they needed, and entrepreneurial spirit that continues and wife Morgane in the natural
worked hard to find, were people today with innovative and creative amphitheater.
who fit the company culture. Tara additions at Lotito Foods. “When I
Dowdell, founder, owner and CEO was 12, my friends had paper routes
of Tara Dowdell Group said, “I and I had an egg route,” said Lotito.
wanted to build a company where “I bought bulk, loose eggs from the
people thrive, grow and learn.” farmers’ market, packaged them in
egg cartons, and sold them for twice Chris Lotito
While each of the panelists had very
different histories and businesses,
my cost.” spoke of his early
they all shared some similarities. Dan Berkowitz, founder and CEO entrepreneurial spirit
They are all driven, hands-on of CID Entertainment, told a story
managers, who watch every detail. about a team member scouting
that continues today
And they all invest time and effort a location for a fan experience in with innovative and
into their people and their customers’ Mexico who called very excited
creative additions at
Lotito Foods.
26 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 27CORPORATE PARTNERSHIPS CORPORATE PARTNERSHIPS
A growing artisan bread company is hoping a
team of Rutgers Business School students can Rutgers Business School seniors Akshay Patel,
help it attract more millennial customers Alyssa Nungra, Brian Lilien and Kristen Tse won
the top prize and an opportunity to execute a
branding strategy for Hudson Bread.
WHEN KRISTEN TSE AND HER TEAM WON A RECENT COMPETITION
SPONSORED BY HUDSON BREAD, THEY RECEIVED MORE THAN
$6,000 IN PRIZE MONEY. THEY WON AN OPPORTUNITY TO PUT
Seniors Akshay Patel,
THEIR WINNING IDEA TO WORK FOR THE COMPANY Alyssa Nungra, Brian
se, a Rutgers Business
Lilien and Kristen
T
School senior who is “There are a lot of agencies we could have Tse won the top prize
studying marketing and hired,” said Mark Kolodziej, president
supply chain, teamed up of Hudson Bread, “but we wanted and an opportunity Kolodziej said the team’s campaign practice on the marketing department The runner up in the competition was a
with seniors, Brian Lilien, something unique.” demonstrated a “passion and enthusiasm” faculty, co-organized the competition. team composed of Sonam Patel, Kelly
Alyssa Nungra and Akshay Patel in a Nov. to execute a for what they were promoting. Rogers, Sharon Friederwitzer and Linda
17 competition against three other teams That thinking led them to Rutgers
from Rutgers. Business School where they worked
branding strategy for Rutgers Business School seniors Akshay
“They have a great opportunity to apply
what they learned in the classroom
Dong. The team won $3,000. Two other
teams of students also participated in the
with Dean Lei Lei and members of Hudson Bread. Patel, Alyssa Nungra, Brian Lilien and in developing a marketing campaign competition sponsored by Hudson Bread.
The competition challenged the the marketing faculty to organize a Kristen Tse won the top prize and an to increase the brand awareness and Each of the finalist teams won $1,000.
students to create a brand awareness competition that would challenge opportunity to execute a branding engagement for a ‘real life’ client and see
campaign for Hudson Bread, a North students to create a branding strategy for strategy for Hudson Bread. the results in ‘real time,’” Toncre said.
Bergen-based artisan bakery that has Hudson Bread. The winning team’s campaign called for
opened cafes in Secaucus and North re-positioning the company to play up Erich Toncre, an assistant professor of As she spoke about the prospect of
Bergen. As the company positions itself Ray Million, Hudson Bread’s vice its organic qualities and described how it professional practice and director of working for Hudson Bread, Tse sounded
for growth, its top executives want to president of operations, said they wanted would target millennials in its marketing. marketing education at Rutgers Business just like someone about to start a
create more brand awareness around a branding campaign that captured The team also explained how its School, said the experience transforms new job. “Having the company hire us to
Hudson Bread using digital marketing. the essence of the company, from its members would refresh the company’s the students into marketing professionals. implement the idea will be a great
They want a campaign that will reach and ownership to the quality of its ingredients social media accounts and use Google Toncre and Marc Kalan, who is also an experience,” Tse said. “I’m a little nervous.
resonate with new smartphone-using – all the things that go into making their Adwords to make its digital marketing assistant professor of professional It’s both exciting and nerve-wracking.”
consumers and Millennials. breads unique. more effective.
28 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 29CORPORATE PARTNERSHIPS CORPORATE PARTNERSHIPS
Our link to China and the growing Revlon | Elizabeth Arden marketing
power of technology SVP demonstrates career path to
SY LAU, SENIOR EXECUTIVE VICE PRESIDENT AT
TENCENT, WHICH IS LARGER THAN FACEBOOK, LOOKS
undergrad students
ahul Mehrotra, senior vice
R
INTO THE FUTURE OF TECHNOLOGY
president of marketing
services, Revlon |
enior executive vice is bringing the Internet connection
S
He stressed that in spite of the Elizabeth Arden, shared
president and chair of advantages of urban areas to growing power of technology, his winding and changing career path
group marketing and the countryside and poorer people still have an important role. with Rutgers Business School marketing
global branding at China’s mountainous villages. The Tencent
and management students during the
technology giant Tencent Holdings Ltd. Charity Foundation launched the “Technology doesn’t have values,
Business Leaders Speaker Series.
SY Lau spoke informally with Rutgers WeCountry open platform and people do. You must fight the
Business School students in an offered mobile Internet tools, free potential dark force within He told students that he knew what
intimate setting at Clement’s Place. resources and training workshops. technology – declining moral he liked and did not like, but “you can’t
compass, loss of privacy and Students asked a wide range of thoughtful questions and received straight answers.
really plan your career path.”
Lau, who completed a Rutgers “Tencent hopes that by pooling cybercrime – with a sense of Sophomores Anushtha Mittal and “Absolutely,” agreed Jogani. “A big
Executive MBA in 2004, spoke about village resources and providing “I had certain areas where I knew I did
urgency and responsibility,” said Nimit Jogani enjoyed listening to take-away for me was his message
his career and gave a preview of his development and communication not want to go: legal, human resources.
Lau. “We are the global caretakers what Mehrotra had to say. They that you can’t strictly plan your career.
remarks for the CEO Lecture Series. support, more young people will I followed my interests and pushed
for future generations and each found Mehrotra’s career journey and I really liked his approach of taking
Students spent nearly 30 minutes start businesses locally,” said Lau. to take positions outside the usual
of us must do our part.” “lessons learned” very encouraging. different positions and learning from
chatting with Lau, a pioneer of the progression, to learn new skills and “He was very inspirational,” Mittal said. every experience.”
Internet industry in China. to learn different sides of businesses,” “I appreciated his ‘straight forward’
said Mehrotra. way of speaking to us, and his
“This is so exciting. I would never have “Technology and the Internet are changing unconventional career journey.”
this opportunity in China,” said Yang Kristina Durante, associate professor
Luo, a Rutgers Master of Information nearly every industry and job,” SY Lau said. and marketing department Ph.D.
Technology student. “I am from China, coordinator, moderated the lively
where everyone uses (Tencent’s) question and answer period.
WeChat, QQ.com, QQ (instant
messenger) QQ Games and Tenpay.” Mehrotra’s bachelor degree was in
metallurgical engineering and materials
One of the short videos that Lau science. “While I quickly learned that
showed demonstrated how Tencent I did not enjoy that work, I applied
myself to learning the mathematical,
analytical, number-crunching that
would be so useful to me throughout
my career,” he said.
His marketing MBA fit his interests
SY Lau met with students in and set the foundation to his career.
an informal setting, providing “I didn’t remember specific lessons
a unique opportunity to long, but I focused on learning the
talk directly with one of
China’s leaders in advancing
fundamentals of business very
technology and the internet. well,” Mehrotra said. “Learn the
fundamentals and be able to apply
them to new and unexpected
situations,” he advised.
“We are the global caretakers for future generations and each of us must do our part,” SY Lau said.
30 Rutgers Business Impact Fall 2018 Rutgers Business Impact Fall 2018 31CORPORATE PARTNERSHIPS CORPORATE PARTNERSHIPS
Alumnus Harvey Schwartz shares insights
on his journey to Wall Street with students
and alumni
arvey Schwartz, president
H
and co-chief operating
officer at Goldman Sachs,
spoke to hundreds of
Rutgers students about his
journey to Wall Street, the value
of mentoring, and disruption in the
financial industry.
Schwartz, BS ’87, who studied economics
as a Rutgers University undergraduate,
was instrumental in launching the
Road to Wall Street, an eight-year-old
program that grooms students for jobs
in the financial industry’s biggest banks
and connects them to alumni who are
already there. Goldman Sachs executive Harvey Schwartz returned to the Livingston Campus to speak with
students and alumni.
In an hour-long talk moderated by
finance professor Ben Sopranzetti, told students, “don’t forget about your
Schwartz described his motivation for responsibility in that relationship.”
starting the program.
Some students were invited to meet with alumnus Harvey Schwartz during a private reception before his talk. Photos: Lauren Guiliano.
He described creativity as a quality that
“I knew Rutgers students were having a differentiates people in an industry from someone who has been in our shoes
hard time getting jobs on Wall Street,” “It was a great where there are a lot of smart people “I’m in an incredibly fortunate position and listen to how he was able to get
he said. “I tried to identify someone
(a Rutgers graduate) at every firm and
opportunity for us to and where technology continues to bring
“very quick, exhilarating changes.”
right now,” he said. “I have time to to where he is,” Shamir said. “It gets us
contemplate things.” excited about the opportunities we have.”
brought them together over dinner.” hear from someone
“The trends today may be more
Schwartz described his own path to who has been in our fascinating than ever,” he said. “There are
More than 400 people – Rutgers
students, alumni, faculty, and staff –
Wall Street as “unconventional.” After shoes and listen to incredible things happening.” filled a theater-style lecture hall at
graduating from Rutgers, Schwartz said Technology has enabled those changes
he jumped from job to job before a how he was able to get for decades, he said, but the pace is
Rutgers Business School for Schwartz’s
visit. Rutgers Business School Dean Lei
friend helped him to get a job at Citibank. to where he is.” faster now and more sweeping. Lei, who welcomed him, also ended the
event by thanking Schwartz “for a very
While he was enamored with economics Johnny Shamir Schwartz discussed his views on the inspiring conversation.” The night will be
from the start, he wasn’t really aware fundamental value of cryptocurrencies. a “lasting memory for all of us,” Lei said.
of Wall Street or the opportunities that In a lively exchange with Christian Buren,
existed in the financial industry. But he a Rutgers Business School sophomore, Schwartz’s talk did make an impression
did benefit from people who were willing Schwartz was invited to speak with on Johnny Shamir, who studies finance
to take time to help him and give him members of RutgersBit, a new student and business analytics and information
opportunities. Livingston Campus. “I’ve always prided club formed around the intense interest technology and attended the event with
myself on being a mentor to as many in cryptocurrencies. his friend, Amol Lotia, a sophomore
“I owe Rutgers an incredible debt,” people as I could,” he said. studying economics. They both said they
Schwartz said. When Sopranzetti asked about were struck by Schwartz’s down-to-earth
Ensuring that the mentor-mentee Schwartz’s pending retirement, Schwartz style and the intimate nature of his talk.
He said he got his own introduction to relationships work, Schwartz said, is said after decades of being a hyper-
mentoring as a resident adviser when he the burden of the mentee. “As you manager of his time, he thought this “It was a great opportunity for us to hear
was a student living in the Quads on the progress in whatever you’re doing,” he was a time when “no plan is a plan.”
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